In response to the growing prominence of buy now, pay later (BNPL) solutions in the financial landscape, Splitit CEO Nandan Sheth unveiled FI-PayLater, a groundbreaking initiative aimed at empowering financial institutions (FIs) to offer BNPL options at the point of sale. Traditional FIs have often lagged behind agile competitors in providing flexible payment solutions during the purchase journey, primarily focusing on post-purchase installment plans. However, with the introduction of FI-PayLater, FIs now have the opportunity to bridge this gap, enhancing consumer affordability and bolstering their competitiveness in the rapidly evolving BNPL space.
Splitit's FI-PayLater initiative represents a significant advancement in simplifying the installment process for both merchants and consumers. By integrating BNPL options seamlessly into the checkout process, Splitit is streamlining the consumer experience while providing FIs with a powerful tool to enhance their offerings. Through FI-PayLater, FIs can leverage Splitit's network to initiate installment offers to existing cardholders, fostering collaboration between merchants and issuers and expanding their reach in the global market. As Splitit continues to innovate and collaborate with financial institutions, the FI-PayLater platform is poised to revolutionize the way consumers shop and pay, ushering in a new era of convenience and affordability in the retail landscape.
